Hedge fund manager Arthur Nadel, dubbed the "mini-Madoff", was sentenced to 168 months in jail after being found guilty of embezzling millions of dollars in a Ponzi scheme.
The sentence is one month in jail for every $1 million he embezzled.
Nadel, 77, was found guilty of cheating elderly retirees out of their money, The New York Daily News said. He was convicted of securities, mail and wire fraud.
"Arthur, you are an evil person," said Michael Sullivan, a retired manufacturer who lost $2 million with Nadel. "Now you must pay - you've been in prison and you will continue for the rest of your wretched life."
Nadel's lawyer had asked for a sentence of no more than five years, saying that a longer stint in jail would effectively be a death sentence.
Nadel may actually end up joining Bernard Madoff in the Butner Federal Correctional Complex in North Carolina.